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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value and carrying value of our debt are presented in the following table.
(in millions) | September 30, 2024 |  | December 31, 2023
Long-term debt, fair value | $ | 817.3 |  |  | 798.1 |
Long-term debt, carrying value, net of debt issuance costs | 783.7 |  |  | 779.3 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table categorizes by level in the fair value hierarchy the estimated fair value of our assets and liabilities measured at fair value on a recurring basis.
| September 30, 2024 |  | December 31, 2023
(in millions) | Level 1 | Level 2 | Level 3 |  | Level 1 | Level 2 | Level 3
Assets |  |  |  |  |  |  |
Investments - fair value | $ | 48.4 |  | — |  | 378.8 |  |  | 51.7 |  | — |  | 367.3 |
Foreign currency forward contracts receivable | — |  | 11.9 |  | — |  |  | — |  | 12.5 |  | — |
Warehouse receivables | — |  | 2,055.9 |  | — |  |  | — |  | 677.4 |  | — |
Deferred compensation plan assets | — |  | 672.2 |  | — |  |  | — |  | 604.3 |  | — |
Mortgage banking derivative assets | — |  | — |  | 126.8 |  |  | — |  | — |  | 128.0 |
Total assets at fair value | $ | 48.4 |  | 2,740.0 |  | 505.6 |  |  | 51.7 |  | 1,294.2 |  | 495.3 |
Liabilities |  |  |  |  |  |  |
Foreign currency forward contracts payable | $ | — |  | 9.1 |  | — |  |  | — |  | 8.8 |  | — |
Deferred compensation plan liabilities | — |  | 645.9 |  | — |  |  | — |  | 576.1 |  | — |
Earn-out liabilities | — |  | — |  | 35.2 |  |  | — |  | — |  | 57.5 |
Mortgage banking derivative liabilities | — |  | — |  | 101.1 |  |  | — |  | — |  | 117.7 |
Total liabilities at fair value | $ | — |  | 655.0 |  | 136.3 |  |  | — |  | 584.9 |  | 175.2 |
Foreign currency forward contracts, gross notional value and net basis | The following table details the gross notional value and net basis of these contracts.
(in billions) | September 30, 2024 |  | December 31, 2023
Foreign currency forward contracts, gross notional value | $ | 2.30 |  |  | 2.07 |
Foreign currency forward contracts, net basis | 0.86 |  |  | 1.21 |
Schedule of Foreign Exchange Contracts, Statement of Financial Position | The outstanding balances of these contracts are presented in the following table.
(in millions) | September 30, 2024 |  | December 31, 2023
Net asset, receivable positions | $ | 11.9 |  |  | 15.2 |
Net asset, payable positions | — |  |  | (2.7) |
Foreign currency forward contracts receivable | $ | 11.9 |  |  | 12.5 |
Net liability, receivable positions | $ | (3.0) |  |  | (3.2) |
Net liability, payable positions | 12.1 |  |  | 12.0 |
Foreign currency forward contracts payable | $ | 9.1 |  |  | 8.8 |
Schedule of Deferred Compensation Plan Components [Table] | The components of the plan are presented in the following table.
(in millions) | September 30, 2024 |  | December 31, 2023
Deferred compensation plan assets | $ | 672.2 |  |  | 604.3 |
Long-term deferred compensation plan liabilities | 645.9 |  |  | 576.1 |
Shares held in trust | 12.1 |  |  | 10.4 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The tables below present a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
(in millions) | Balance as of June 30, 2024 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements |  |  | Balance as of September 30, 2024
Investments | $ | 367.8 |  | 9.5 |  | 1.5 |  | — |  | — |  |  |  | $ | 378.8 |
Mortgage banking derivative assets and liabilities, net | 31.7 |  | 17.3 |  | — |  | 32.8 |  | (56.1) |  |  |  | 25.7 |
Earn-out liabilities | 53.7 |  | (20.9) |  | 0.2 |  | 2.4 |  | (0.2) |  |  |  | 35.2 |
(in millions) | Balance as of June 30, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in(2) |  | Balance as of September 30, 2023
Investments | $ | 438.1 |  | (2.0) |  | (1.0) |  | 0.5 |  | — |  | 3.1 |  |  | $ | 438.7 |
Mortgage banking derivative assets and liabilities, net | 59.1 |  | 18.0 |  | — |  | 25.3 |  | (71.5) |  | — |  |  | 30.9 |
Earn-out liabilities | 64.3 |  | 0.1 |  | (0.1) |  | — |  | (0.1) |  | — |  |  | 64.2 |
(in millions) | Balance as of December 31, 2023 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in (out)(2) |  | Balance as of September 30, 2024
Investments | $ | 367.3 |  | (0.9) |  | 1.2 |  | 2.8 |  | — |  | 8.4 |  |  | $ | 378.8 |
Mortgage banking derivative assets and liabilities, net | 10.3 |  | 45.5 |  | — |  | 78.9 |  | (109.0) |  | — |  |  | 25.7 |
Earn-out liabilities | 57.5 |  | (33.5) |  | 0.2 |  | 13.4 |  | (2.2) |  | (0.2) |  |  | 35.2 |
(in millions) | Balance as of December 31, 2022 | Net change in fair value | Foreign CTA(1) | Purchases / Additions | Settlements | Transfers in(2) |  | Balance as of September 30, 2023
Investments | $ | 452.0 |  | (101.0) |  | 0.2 |  | 20.6 |  | — |  | 66.9 |  |  | $ | 438.7 |
Mortgage banking derivative assets and liabilities, net | 20.7 |  | 56.9 |  | — |  | 93.8 |  | (140.5) |  | — |  |  | 30.9 |
Earn-out liabilities | 73.2 |  | (0.5) |  | 0.1 |  | — |  | (8.6) |  | — |  |  | 64.2 |
(1) CTA: Currency translation adjustments (2) Transfers in for Investments: Notes receivable (inclusive of accrued interest) converted to unconsolidated equity investments and were classified as a Level 3 investment immediately.
Fair Value, Qualitative Disclosures About Assets and Liabilities using Unobservable Inputs | Net change in fair value, included in the tables above, is reported in Net income as follows.
Category of Assets/Liabilities using Unobservable Inputs | Consolidated Statements of Comprehensive Income Account Caption
Earn-out liabilities (short-term and long-term) | Restructuring and acquisition charges
Investments | Equity earnings/losses
Other current assets - Mortgage banking derivative assets | Revenue
Other current liabilities - Mortgage banking derivative liabilities | Revenue

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